Pier 1 posts quarterly profit despite drop in sales - Atlanta Business Chronicle:

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The profit for Fort Worth, Texas-base Pier 1 (NYSE: PIR) compares to a net loss of $33 or 37 cents a share, during the same period last year. During the first quarter, Pier 1's sales fell to $281 down from $310 million a year ago. Pier 1 attributeas this drop in sales to a reduction in the number of stores operating anda 7.5 percenft drop in same-store sales—or sales at stores open for 12 months or Compared to last year, inventories are down by $91 The company also reducerd its consolidated long-term debt by $79 milliomn and posted a $48 million gain on the repurchased of debt. Going forward, Pier 1 said it is negotiatinfg rental reductions with landlords acrossNorthu America.
Pier 1 has now reachesd agreements in principal to end leases for 22 stored and will be shutting down an additionalfive “To date, the company has achievee approximately $9 million in rentalo savings for fiscal 2010 and expecta to close approximately 50 the company said in a Pier 1 has 10 stores in metr Atlanta.